South Sudanβs Minister of Mining Martin Gama Abucha has called for increased cooperation among African countries in the mining sector, ensuring that the continentβs mineral resources benefit local populations. The announcement was made ahead of a mining investment forum in Malawi and comes before the seventh edition of the South Sudan Oil & Power (SSOP) 2024 conference and exhibition, taking place in Juba on June 25-28. This yearβs SSOP conference will feature the inaugural South
De Beers Group, the world’s leading producer of rough diamonds by value, strategically scaled down production in the first quarter of 2024 to manage its inventory levels amidst the gradual recovery of the market. Despite experiencing a significant drop in demand for rough diamonds globally in 2023, De Beers maintained its production guidance for that year, resulting in substantial stockpiling. The global diamond industry faced a major decline in 2023 following strong demand in the
Gem Diamondsβ revenue rose in the first quarter as demand for rough from its LetΕ‘eng mine in Lesotho began to return. Sales grew 17% year on year to $43 million for the three months ending March 31, the company said last week. Sales volume climbed 27% to 32,571 carats, outweighing an 8% drop in the average price to $1,321 per carat. The result reflected a favorable comparison with the same period in 2023 when rough
Sales of rough from Mountain Provinceβs Gahcho KuΓ© mine in Canada dropped in the first quarter amid slow demand and weak prices.Β Diamond sales fell 31% year on year to $66.1 million for the three months ending March 31, Mountain Province said last week. Sales volume slipped 2% to 938,310 carats, while the average price plunged 29% to $70 per carat. The decrease is the result of a prolonged slowdown in the diamond market caused
Canadian Natural Resources, Canada’s largest oil and gas producer, revealed plans on Thursday to explore opportunities for a substantial boost in bitumen output at its primary oil sands mine, Horizon. President Scott Stauth announced a potential expansion of 195,000 barrels per day (b/d) at the Horizon mining and upgrading plant in northern Alberta, surpassing earlier projections of 75,000 b/d. The company aims to leverage advanced engineering and scaling processes to enhance production capabilities. Currently, Horizon
The Federal Government initiated a due diligence meeting for Shellβs proposed $2.4 billion asset sale to Renaissance Africa Energy, aiming to complete the divestment by June this year. Shell, a British energy major, announced in January that it had reached an agreement to sell its Nigerian onshore subsidiary, Shell Petroleum Development Company of Nigeria Limited, to Renaissance for $2.4 billion after about a century of operations in the Niger Delta. Renaissance, a consortium of five
Chevron and Namibiaβs national oil company (NAMCOR) have signed a development agreement, with Chevron securing an 80% operating working interest in an offshore block within the Walvis Basin. Oil companies areΓ flocking to Namibia, excited by the southern African countryβs plans to open up a major new frontier basin, with recent offshore finds ranking among the largest this century. The farm-out agreement with Chevron Namibia Exploration Limited (CNEL) will see the National Petroleum Corporation of
The Ivory Coast plans to start building the Ferke Solar power plant in Sokoro, costing $63.5 million and boasting a 52 MW capacity. Government spokesperson Amadou Coulibaly revealed in April that construction will kick off in the second quarter of 2024, with operations targeted for the third quarter of 2025. The project, named Ferke Solar, originates from a January 2024 agreement signed with renewable energy firm PFO Africa, backed by Germany and the European Union.
South Africaβs National Oil Company (NOC) PetroSA is set to receive gas from Mozambiqueβs NOC ENH under a new sales deal, with initial deliveries expected later this year. Facilitated by PetroSAβs recent acquisition of a gas trading license, the deal involves an annual supply of 2 petajoules (PJ) of gas, with the potential to increase to 200 PJ over time. This initiative aims to mitigate impending gas shortages, particularly impacting industrial consumers such as steelmaker
Energy giant TotalEnergies has entered a memorandum of understanding (MoU) with Algerian state-owned energy company Sonatrach for the appraisal and development of gas resources in the North-East Timimoun region. The MoU outlines a work program for the development of gas resources while reducing costs and emissions at processing facilities at the Timimoun field. βThis MoU reflects our shared willingness to expand our strategic partnership with Sonatrach,β stated Julien Pouget, Senior Vice President Middle East &
